Oil jumps to $98 as US-Iran ceasefire talks collapse
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Oil prices surged to $98 for WTI and over $100 for Brent following the collapse of US-Iran ceasefire talks, raising supply concerns. Asian oil importers faced record-low currencies due to rising energy costs, impacting reserves and investor confidence. Additionally, bond yields increased as markets anticipated sustained inflation from high oil prices, leading to a reduced likelihood of near-term Fed interest rate cuts.
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